Bitcoin climbed toward $95,000 in early January, marking its highest level since mid-November, supported by improving sentiment in the crypto market after underperforming other assets in Q4 of last year. Industry data indicated that options traders are targeting the key psychological level of $100,000 in the near term, though some still expect a potential drop to $80,000. The cryptocurrency’s gains coincided with a broader risk-on rally at the start of the year, which saw global equities and commodities reach fresh highs. Weaker-than-expected US manufacturing data and dovish remarks from a key Federal Reserve official further reinforced expectations of additional rate cuts this year. Meanwhile, investors are weighing the geopolitical fallout from the US attack on Venezuela, amid speculation that the Maduro government may hold a substantial undisclosed bitcoin position while under US sanctions.
